Market research consistently confirms that potential clients and introducers find it difficult to distinguish one wealth manager from another, hence new client acquisition has been excessively dependent on personal relationships. But fundamental changes are taking place in the selection process and professional introducers are under pressure to explain differences of approach and style between increasingly numerous competitors.

The creation of a brand is not only about building awareness, but is an attempt to influence how your institution will be described by an introducer to a potential client. In the absence of a clear message which is relevant to the particular client, you are unlikely to get on the list.

But wealth management is a particularly complex sector of which most brand consultancies have little knowledge or experience. Some banks have already made serious mistakes by launching 'off the wall' brands in their efforts to project a more modern image, based on over- simplistic analysis of the market.

OUR APPROACH
We believe the brand lies at the heart of the corporate strategy and of the management process. Every operational decision, from a major internal restructuring to a local sales initiative should be judged against its impact on the brand, as well as other factors. The brand is as important for attracting staff and influencing their behaviour as it is for attracting new clients

Brand mapping: The process normally starts with a brand mapping exercise to compare your brand against leading competitors in each of your main target markets. The dimensions of the analysis may vary from one market to another, but will include perceptions of the strength of association with different client groups and products, types and levels of expertise, service quality and style, relationship management, values, prestige etc.

Integration with corporate strategy: Our approach will identify what features and brand characteristics need to be changed to achieve corporate objectives and how these impact on other key management decisions or corporate behaviour, seeking to resolve any serious conflicts.

Implementation: We will work with other agencies where necessary to implement brand strategy and help design marketing communications.